These banks are venturing into crypto despite the ongoing bear market

Germany’s mobile bank – N26 – and Brazil’s Nubank are the latest banking institutions to join the crypto campaign.

Berlin-based anchor bank – N26 – has established a crypto service that allows customers to buy and sell 100 cryptocurrencies.

The largest fintech bank in Latin America – Nubank – also jumped into the race, launching its own cryptocurrency in Brazil. Interestingly, Berkshire Hathaway – the conglomerate holding company led by prominent crypto investor and critic Warren Buffett – is one of the financial backers of the banking institution.

Crypto Interest “Still Super High”

Although the cryptocurrency market has declined significantly in 2022, some banks are still optimistic in the sector. One such example is Germany’s N26 partnering with Bitpanda to allow users to trade 100s of digital currencies, including Bitcoin (BTC) and Ether (ETH).

The service, called N26 Crypto, will be available first in Austria and will arrive in other countries over the next six months. The company also plans to expand the number of supported tokens to 194 in the future.

Product Manager Gilles BianRosa argues that the service allows users to “dip their toes in the water in a way that doesn’t foam.” He points out that the crypto winter hasn’t dented customer interest in bitcoin and altcoins:

“Our users are extremely interested in cryptocurrencies. That interest rate remains super high, even in a bear market.”

The CEO said N26 believes in the long-term development of cryptocurrencies. “It’s not like we’re trying to time the launch to see how the market is doing,” he asserts.

BianRosa stressed the “very strong working relationship” between N26 and the supervisory authorities. The organization notified them of the upcoming service and received their approval.

Nubank’s Move

A separate press release revealed that Brazilian digital banking startup – Nubank – will launch its own cryptocurrency in the country. The token, called Nucoin and built on Polygon, will see the light of day in the first half of 2023. The company describes the upcoming product as “a new way to capture customer loyalty. customers and encourage interaction with Nubank products”.

Before the official launch, the company will select 2,000 customers to test the content, who will give feedback on its pros and cons.

Headquartered in Sao Paulo, Nubank is the largest fintech bank in Latin America. It serves more than 52 million people in Brazil and about 1.5 million users in Mexico and Colombia.

Earlier this year, Berkshire Hathaway – Warren Buffett’s investment giant – bought $1 billion worth of institutional stock. The interaction between the legendary investor and the crypto-friendly bank came as a surprise as he is a fierce opponent of bitcoin.

Read more: Onecoin Cryptoqueen Associates Appears in German Court

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